President Donald Trump announced Friday that he is nominating Kevin Warsh to serve as the next chair of the Federal Reserve, selecting the former central bank governor to succeed Jerome Powell when Powell’s term expires in May.
In a post on the social platform Truth Social, Trump said he has known Warsh for many years and predicted he “will go down as one of the GREAT Fed Chairmen.”
“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump wrote on Truth Social. “On top of everything else, he is ‘central casting,’ and he will never let you down. Congratulations Kevin!”
Warsh, 55, previously served on the Federal Reserve’s Board of Governors from 2006 to 2011 and has since worked as a fellow at the Hoover Institution and a lecturer at Stanford University’s Graduate School of Business. If confirmed by the Senate, Warsh would assume one of the most influential economic policy roles in government, overseeing decisions on interest rates and monetary policy.
The nomination will require approval by the U.S. Senate, where Trump-era investigations into Fed practices and recent criticism of the central bank’s independence could shape confirmation hearings.
Warsh has been known as a critic of some Federal Reserve policies and has voiced support for lowering interest rates, aligning with Trump’s economic agenda. His selection ends a months-long search that included other contenders such as National Economic Council Director Kevin Hassett and Federal Reserve Governor Christopher Waller.
Powell, whom Trump appointed in 2017 and whose leadership has been subject to recent scrutiny, is expected to remain on the Fed’s board after his term as chair concludes. His term as chairman expires in May. Trump selected Powell in 2017.
Earlier this week, Powell elected to keep the Fed’s current interest rate at 4.5-4.75 percent over the objections of two Fed board members who wanted to cut rates. Trump took to his Truth Social platform to criticize Powell again as he has often done in recent months:
Jerome “Too Late” Powell again refused to cut interest rates, even though he has absolutely no reason to keep them so high. He is hurting our Country, and its National Security. We should have a substantially lower rate now that even this moron admits inflation is no longer a problem or threat. He is costing America Hundreds of Billions of Dollar a year in totally unnecessary and uncalled for INTEREST EXPENSE. Because of the vast amounts of money flowing into our Country because of Tariffs, we should be paying the LOWEST INTEREST RATE OF ANY COUNTRY IN THE WORLD.
Most of these countries are low interest rate paying cash machines, thought of as elegant, solid, and prime, only because the U.S.A. allows them to be. The Tariffs being charged to them, while bringing in $BILLIONS to us, still allows most of them to have a significant trade surplus, though much smaller, with our beautiful, formerly abused Country. In other words, I have been very nice, kind, and gentle to countries all over the World. With a mere flip of the pen, $BILLIONS more would come into the U.S.A., and these countries would have to go back to making money the old fashioned way, not on the back of America. I hope they all appreciate, although many don’t, what our great Country has done for them. The Fed should substantially lower interest rates, NOW!
Tariffs have made America strong and powerful again, far stronger and more powerful than any other Nation. Commensurate with this strength, both financial and otherwise, WE SHOULD BE PAYING LOWER INTEREST RATES THAN ANY OTHER COUNTRY IN THE WORLD!
